UTC Power history

In 1959, Fred Rentschler died, following a long illness, at the age of 68.

In 1965 Pratt & Whitney launched a program to develop a more efficient engine for wide-body aircraft.

When Horner retired in 1968, he was succeeded by Gwinn.

By 1971, the performance of the Pratt & Whitney division had begun to depress company profits.

For military aircraft, Pratt & Whitney developed the F100 engine, which entered service in 1974 with the United States Air Force’s F-15.

1975: United Aircraft buys majority of Otis Elevator; changes name to United Technologies.

The next year (1976), UTC forcibly acquired Otis Elevator.

One year later, the company purchased a majority interest in Otis Elevator for $276 million, and, in 1978, Dynell Electronics, a builder of radar systems, was added to the company's holdings.

In 1979, Carrier Refrigeration and Mostek were acquired; the Carrier deal was forcible, while the Mostek deal was a white knight move against hostile takeover designs by Gould.

Acquisitions continued, as UTC purchased Mostek, a maker of semiconductors, for $345 million in 1981.

In 1983 Pratt & Whitney formed IAE with German, British, Italian, and Japanese firms to build the V2500 turbofan for Airbus Industrie jetliners.

Finally, in September 1985, Robert Daniell (formerly head of the Sikorsky division) was appointed to take over Gray's responsibilities as CEO of UTC. Nevertheless, Gray remained chairman.

But these critics were silenced when Gray announced in September 1986 that he would retire and that Daniell would take his place.

In 1992, Daniell brought George David, who had been instrumental in the revival of both the Otis and Carrier units, on board as UTC president.

Krapek quickly reduced employment at the unit from a high of 50,000 to 40,000 by the beginning of 1993.

In April 1994, after leading the corporation for nearly a decade, Daniell appointed David as the company's CEO, retaining his position as UTC's chairman.

In 1996, UTC had revenues of $1 billion in the People's Republic of China and Hong Kong.

The V2500 entered service in 1989 on the narrow-body Airbus A320. It also developed the F119 engine for the stealth fighter design for the United States Air Force that became the Lockheed Martin/Boeing F-22 Raptor (first flown in 1997).

Lear Corporation bought the business for $2.3 billion in May 1999.

However, in February 2000, a federal judge barred Pratt & Whitney from moving engine repair work out of Connecticut, saying this violated an existing union agreement.

UTC Power began as a division of Pratt & Whitney in 1958. It was later renamed UTC Fuel Cells, and became UTC Power in 2001.

In 2004, UTC acquired the Schweizer Aircraft Corporation which planned to operate as a wholly owned subsidiary under their Sikorsky Aircraft division.

Also in 2005, UTC acquired Boeing’s Rocketdyne division, which was merged into thePratt & Whitney business unit.

In 2007, UTC opened the Hawk Works, a Rapid Prototyping and Military Derivatives Completion Center (RPMDCC) located west of the Elmira-Corning Regional Airport in Big Flats, NY.

In March 2008, UTC made a $2.63 billion bid to acquire Diebold, a Canton, Ohio based manufacturer of banking and voting machines.

In December 2009, it was announced that UTC would acquire a 49.5% stake in Clipper Windpower for $206 million.

In April 2010, UTC announced that it was investing €15 million ($20 million) to set up the United Technologies Research Centre Ireland in University College Cork which will carry out research on energy and security systems.

In September 2011, UTC acquired a $18.4 billion deal (including $1.9 billion in net debt assumed) for aircraft components maker Goodrich Corporation.

In June 2012, it was discovered that UTC sold military technology to the Chinese.

In February 2013, UTC Power was sold to ClearEdge Power.

UTC sold Sikorsky to the aerospace company Lockheed Martin in 2015.